Emirates: Abu Dhabi-based Metropolitan Capital Real Estate (MCRE), a full-service leading property company, has announced it has almost doubled its sales, registering record full-year sales of Dh1.6 billion compared to 2021.

Part of the Metropolitan Group, MCRE saw its average transaction value increase to Dh2.7 million, an increase of 42 per cent compared to 2021. Off-plan sales nearly doubled, representing close to 10 per cent of the entire off-plan market of freehold areas sold in Abu Dhabi, while sales of secondary market properties increased to 30 per cent last year.

Evgeny Ratskevich, CEO of Metropolitan Capital Real Estate, said: "The Abu Dhabi real estate market has bounced back strongly over the past few years and we have seen it continue its steady momentum in 2022. The market has been historically driven by residents with up to 80 per cent of real estate purchases made by Emiratis or residents. However, Abu Dhabi's growing attractiveness as a safe place for families and a competitive city for business and investment has helped its appeal with international buyers."

Last year, apartment and villa prices recorded annual growth rates of four per cent on average, with some developments in Saadiyat Island and Al Raha Beach for example, increasing by eight to 10 per cent, compared to the same period in 2021.

Prime villa communities continued to see strong demand, with some recording close to 25 per cent increase in price since 2020. New off-plan villa projects, as well as completed villas, continued to show strong growth with an emphasis on popular high-quality villa communities such as Saadiyat Island, Yas Island and Nurai Island. The lack of such properties has further fueled sales prices to continue their upward trajectory.

MCRE saw the sales of luxury properties increase by 50 per cent, fueled by the launches of Reem Hills and the focus on high-end property sales in Fairmont Marina Residence and other projects along with re-sale transactions in Nurai Island and Saadiyat Islands. Other popular areas included traditional hot spots like Yas Island and Reem Island.

Apartments accounted for 30 per cent of all MCRE transactions with 60 per cent of the value of transactions, while villas registered 70 per cent of all transactions and 40 per cent in terms of value.

MCRE saw most of its buyers from CIS countries, Europeans, Indian and GCC nationals with more Russians and Europeans buying off-plan. The company saw an increased trend of more investors in the 35-45 age group buying property in Abu Dhabi, further reinforcing the city’s position as a family-friendly destination.

Looking ahead to this year, Ratskevich said: "We expect the market both off-plan and secondary to continue its upward trajectory this year as well. The main driver of growth will be the luxury segment. Properties worth more than Dh7 million, especially villas, will outperform, compared to other segments, while luxury apartments are also expected to do well. The affordable and mid-size segments will remain the same. The average price per sqft will increase by five to 10 per cent, which is healthy for the market. However, total handovers are expected to be around 6,000 units this year compared to 8,500 in 2022 which, is further expected to drive up prices of available units."

"We will also see several international and local developers enter the market and expect the number of new projects to be announced to be almost double those of 2022. Growth will be sustainable and we expect a significant increase in sales volume by 20 to 50 per cent," he added.

Last year, the biggest transaction from MCRE was the 10,750 sqft villa in Nurai Island which was sold for Dh45 million and several off-plan villas for Dh20 million in Reem Hills and a number of transactions above Dh12 million in Mamsha Saadiyat.

To keep pace with its strong sales growth last year, MCRE nearly doubled its headcount to 110 employees.

The company is consistently ranked among the top performing agencies with leading developers in Abu Dhabi and last year received numerous awards including 'Agency of the Year' from Bayut, winner of the 'House of the Super Agent' from Propertyfinder - enterprise category, runner-up in the 'Best Quality Broker' from Propertyfinder - enterprise category, 'Top Sales Partner' for NIC, SAAS Properties and Al Baraka. MCRE is also among the top five agencies with Aldar, Imkan and Q-Properties. The agency also received an award for ‘Best Real Estate Broker’ from the International Property Award.

In addition to its strong business performance, the company also has an outstanding corporate culture as its parent company, Metropolitan Group, is ranked tenth in the 'UAE Best Workplaces' in 2022. The group ranks fifth among the 'Top 10 Best Workplaces' medium-sized business in the GCC and is recognised as the best place to work for women in the GCC and the best workplaces for millennials in the GCC.

In addition to MCRE in Abu Dhabi, the Metropolitan Group also includes Dubai-based Metropolitan Premium Properties and Metropolitan Homes, a one-stop real estate agency providing the full cycle of specialist brokerage services to Dubai's secondary property market sellers and buyers, Luxury Immobilien GmbH, a real estate agency in Vienna and Metropolitan Consulting FZE, providing personal and business legal services in the UAE.